"Because I'm as tough as he is, I'm smarter than he is," he continued. "I would be fine. He could punch me all he wants, it wouldn't work with me. I'd fight right back."

But Dimon, a lifelong Democrat, also added that he could not win an election due to the "liberal side" of the Democratic Party.

The JPMorgan CEO also attacked the way in which Trump accumulated his personal wealth.

"And by the way, this wealthy New Yorker actually earned his money," Dimon said. "It wasn't a gift from daddy."

Dimon was speaking at an event to announce JPMorgan's new effort to spend $500 million to boost economic growth in various cities around the world.

Almost immediately after the comments were first reported by CNBC, Dimon released a statement walking back the jabs.

"I should not have said it," the statement said. "I'm not running for president. Proves I wouldn't make a good politician. I get frustrated because I want all sides to come together to help solve big problems."

Speculation about Dimon's political ambitions has swirled for years. In recent annual letters, Dimon has opined about the state of the country and weighed in on issues such as education, infrastructure, and healthcare.

But Dimon has repeatedly shot down the suggestion of running for office.

"It's not what I've been trained to do — I've never run for office, I've never thought of things like that, so I think you have to be a sort of kind of person to be a politician," Dimon told Business Insider in February.